Browse a full set of economic indicators

Montenegro

Includes Montenegro real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Montenegro economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Montenegro best banks and safest banks are also available.

Basic Information

Government Type: Parliamentary republic

Capital City: Podgorica; note – Cetinje retains the status of “Old Royal Capital”

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of Montenegro
Currency Euros (EUR)
International Reserves USD 2.13 billion (2020)
World Bank, last updated 12/16/2021
Gross Domestic Product – GDP USD 5.49 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (Purchasing Power Parity) USD 13.30 billion (2021 estimate)
IMF – World Economic Outlook, October 2021

GDP Data

Real GDP growth 2017 4.7%
2018 5.1%
2019 4.1%
2020* -15.2%
2021* 7%

*Estimate
GDP per capita – current prices USD 8,837.58 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP per capita – PPP USD 21,386.95 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (PPP) – share of world total 0.01% (2021 estimate)
GDP – composition by sector Agriculture: 6.4%
Industry: 16.1%
Services: 58.7%
(2019 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2017 2.4%
2018 2.6%
2019 0.4%
2020* -0.2%
2021* 2%

*Estimate

Inflation & Debt

Inflation 2017 2.4%
2018 2.6%
2019 0.4%
2020* -0.2%
2021* 2%

*Estimate
Government Bond Ratings Standard & Poor’s: B

Moody’s: B1

Standard & Poor’s / Moody’s (Updated January 2017)
Unemployment rate N/A
Household saving rates 2017 4.7%
2018 4.3%
2019 3.7%
2020 -7%
2021 4.5%*
Public debt (General government gross debt as a % of GDP) 2017 66.2%
2018 71.9%
2019 78.8%
2020* 107.2%
2021* 93.4%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2017 –4.4%
2018 –4%
2019 0.4%
2020* -8.2%
2021* -2.4%

*Estimate

Market value of publicly traded shares USD 3.8 billion (2012)

World Bank / Market capitalization
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 26% (2020)
World Bank – World Development Indicators (updated Feb 2022)
Shares in world total merchandising export 0.002% (2020)
Shares in world total commercial services export 0.02% (2020)
Compiled by GFMag – Based on World Bank – World Development Indicators
Total exports USD 1.2 billion (2020 estimate)
Export commodities Aluminum, packaged medicines, cars, zinc, wine (2019)
Total imports USD 2.9 billion (2020 estimate)
Import commodities Refined petroleum, cars, packaged medicines, recreational boats, cigarettes (2019)
Exports – major partners Serbia 17%, Hungary 15%, China 11%, Russia 7%, Bosnia and Herzegovina 6%, Germany 6%, Italy 5%, Poland 5% (2019)
Imports – major partners Serbia 30%, Bosnia and Herzegovina 8%, Croatia 8%, Italy 6%, Greece 6%, Germany 5% (2019)

Competitiveness & Trade

Current account balance USD -1.2 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
Current account balance by percentage of GDP -21% (2021 estimate)
IMF – World Economic Outlook, October 2021
FDI inflows 2019 USD 490 million
2020 USD 417 million
2021 USD 529 million
FDI Outflows 2019 USD 109 million
2020 USD 75 million
2021 USD –5.2 million
Value of cross-border M&A, by country of purchaser N/A
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking: 50 out of 190 countries (2020)

Subcategories:

Starting a Business: 101 out of 190 countries
Dealing with Construction Permits: 40 out of 190 countries
Getting Electricity: 134 out of 190 countries
Registering Property: 83 out of 190 countries
Getting Credit: 15 out of 190 countries
Protecting Minority Investors: 61 out of 190 countries
Paying Taxes: 75 out of 190 countries
Trading across Borders: 41 out of 190 countries
Enforcing Contracts: 44 out of 190 countries
Resolving Insolvency: 43 out of 190 countries
World Bank – Doing Business 2020
Global competitiveness ranking 75 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 103 / Score: 57.8 (Mostly Unfree)
The Heritage Foundation – 2022 Index of Economic Freedom

Population & Geographic Data

Total Area 13,812 sq km
Total Population 1990 0.61 Million
2000 0.60 Million
2010 0.62 Million
2015 0.62 Million
2020 0.62 Million
Urban population as % of total population 1960 18.8%
1980 36.8%
2000 58.5%
2020 67.5%
Population median age 39.6 (2022 estimate)


CIA World Factbook / Population median age
Population growth rate -0.41% (2022 est.)
Life expectancy 77.8 years


CIA World Factbook / Life expectancy
% of population living on less than $3.10 a day 6.4% (last available estimate, 2018)
Inequality of wealth distribution (Gini index) 36.8 (last available estimate, 2018)
Freedom House rating Total score: 67/100

Status: Partly Free

Political Rights: 26/40

Civil Liberties: 41/60 (2022)
Total telephone subscribers as % of population Fixed: 30.5%

Mobile: 172.0% (2020)

(fixed-telephone subscribers and mobile-cellular subscri
Internet users as % of total population 77.6% (2020)

Language & Religon

Languages Serbian 42.9%, Montenegrin (official) 37%, Bosnian 5.3%, Albanian 5.3%, Serbo-Croat 2%, other 3.5%, unspecified 4% (2011 est.)
Literacy Total population: 98.8%

Male: 99.5%

Female: 98.3% (2018)

Definition: age 15 and over can read and write
Religions Orthodox 72.1%, Muslim 19.1%, Catholic 3.4%, atheist 1.2%, other 1.5%, unspecified 2.6% (2011 est.)

World Rankings

Population 0.62 million
Mercer Cost of living index N/A
C02 Emissions per capita 4.0 metric tons per capita (2018)

Global Finance Rankings & Awards: Montenegro

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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